California's Pro-Business Wealth Tax Proposition

Californians will vote on Proposition 40 in November. If it passes, it will establish a one-time 5% wealth tax on California's billionaires, who have accumulated more than $2 trillion combined. The tax will deliver up to $100 billion to a 2026 Billionaire Tax Reserve Fund. Ninety percent of the revenue is earmarked for healthcare, the rest for education and food assistance.